I Already Have Home Owner’s Insurance. Should I Shop Around?

When you purchase a home the mortgage usually has a number of other expenses packaged into it. Typically this includes your property tax as well as insurance. While you can’t change your mortgage unless you attempt to refinance and your tax rate won’t change unless the value of your property changes, you can adjust your home owner’s insurance. Home owner’s insurance is not one size fits all, and often times this is something you might rush into when initially buying the house. However, you aren’t forced to maintain the same insurance if you don’t want to. In fact, you may want to shop around. If you live around Oklahoma City, OK and want to know more, our staff at Freeland Insurance is here to help. 

Should You Shop Around When You Already Have Home Owner’s Insurance

It never hurts to look around. Additionally, as you have grown with your home and your family makeup has changed you may find there are other insurance coverage options you should consider. When you want to adjust your home insurance there’s never a better time than to begin shopping around and looking for other options that might be a better fit. 

Find The Right Home Owner’s Insurance 

You may not be completely satisfied with your home owner’s insurance, or perhaps you’re interested in finding out what else is out there. Whatever the reasoning might be, it is a good idea to consider the homeowner’s insurance from other providers. Our staff here at Freeland Insurance is here to assist you with all of that. So, if you want to know more about the home owner’s insurance options and which might fit your personal needs, we are here to help you when you call greater Oklahoma City, OK home. We’re just a phone call away. 

Do I need to carry comprehensive and collision auto insurance

Oklahoma like most other states only mandates that drivers carry liability insurance. They require $25,000 in bodily injury coverage per person and $50,000 per accident and $25,000 in property damage. If you have a car loan, your lender will require that you carry additional insurance which protects their investment. If you live in or near Oklahoma City, OK Freeland Insurance has years of experience in auto insurance and is here to help you choose the best insurance for you. 

The answer to the question do I need to carry comprehensive and collision insurance is simply no, you don’t. Before you decide to drop your coverage you need to ask yourself a few questions. 

Do I count on my car to get to work?

Do I have the money to repair or replace my car if I needed to do it out of pocket?

What is the value of my car?

Your answer to these three questions will determine whether or not you should carry collision and comprehensive insurance. Most people count on a car just for the normal activities of daily life. If you have access to public transportation or don’t really need your vehicle then you probably don’t need anything beyond the required liability insurance. 

If a repair of perhaps thousands of dollars or a complete replacement in the case of theft or a vehicle totally destroyed would not be a hardship for you then you probably don’t need comprehensive and collision coverage. 

If your car is only worth a couple of hundred dollars then no, you don’t need collision and comprehensive coverage. However, if it is worth thousands of dollars, it is probably a good idea. 

Talking to the experienced team at Freeland Insurance in Oklahoma City, OK can set your mind at rest and guarantee that you have the coverage that is right for you. Stop by the office or give them a call for a no-obligation quote. 

What is Financial Services Insurance?

Financial services insurance is designed to meet the unique needs of financial institutions and other businesses in the financial services sector. At Freeland Insurance, in Oklahoma City, OK, we offer financial services insurance for many businesses and institutions.

Who Needs Financial Services Insurance?

Businesses that have an impact on the client’s financial future will need financial services insurance. These include financial advisors, stockbrokers, investment advisors, and debt counselors. Those involved in bookkeeping or accounting and insurance agents may also need financial services insurance.  

What is Covered Under Financial Services Insurance?

Financial insurance coverage will vary based on your specific industry and associated risks. It is normally customized to meet your needs. Professional liability is one common type of insurance for financial services. A mistake for a financial services business can be very costly, and lawsuits add to the cost of damages. Professional liability protects against lawsuits due to accusations of misrepresentation, negligence, and fraud. 

Cyber liability insurance is often recommended as well. Financial services businesses often handle sensitive information, making them a target for hackers. Cyber liability can protect your business in the event of a data breach from hackers, employee error, and malicious software. 

Management liability insurance can include many subtypes. Directors, officers, and liability coverage. These policies protect businesses and management from claims resulting from the day to day operations of the business.  Fiduciary coverage provides liability protection from employment claims related to company benefit plans. Employment practices liability coverage protects companies from costs related to employee-related disputes including sexual harassment and wrongful termination claims. 

Business insurance, including financial services insurance, is a complex subject that requires an understanding of the business and the risks involved. Freeland Insurance agents in Oklahoma City, OK are happy to help you select the right coverage for your financial services business. 

How Does Umbrella Insurance Work With Other Insurance?

Businesses of all sizes face many risks that they need to mitigate as a survival strategy. America is one of the most litigious countries in the world. If you own a business, you are going to deal with lawsuits regularly. Virtually every business in America is involved in some form of litigation every year.

Small Businesses are More Vulnerable

For smaller businesses, this risk is so great that one major calamity may wipe them out. The challenging part of making sure the business and its owner have adequate insurance protection is determining what the potential risks are, to reduce or eliminate them.

Some risks are unknown and the amount of any potential claim is also unknown. One strategy to avoid risk is to carry plenty of insurance in all categories and have very high policy limits for claims. However, this is not a recommended strategy. There is a better way to achieve the same thing.

The Effectiveness of Umbrella Insurance

Umbrella insurance does two things, which are: 1) it extends the policy limits of underlying policies, and; 2) it covers some risks that do not have coverage by other insurance.

For example, a business may have general liability insurance, product liability insurance, and commercial vehicle insurance. It is more cost-effective to have an umbrella insurance policy that covers claims from all of those types of insurance that are higher amounts than the individual policy limits. Think of umbrella insurance as a backup of those other policies.

Moreover, umbrella insurance is customizable to fit the particular needs of a business. It can cover claims for defamation, cyber-security risk, harassment, and discrimination in the workplace. Work with your agent at Freeland Insurance, serving Oklahoma City, OK and the surrounding area, to get a complimentary and comprehensive commercial insurance review, along with recommendations for umbrella insurance.

Summary

Having adequate insurance coverage for the business is not something to put off because a sudden change of events can occur at any time. To get an insurance review and a quote, contact your agent at Freeland Insurance in Oklahoma City, OK.

Cleaning up after a Flood

One day, the flood happens. The storm you hoped never hit occurs. The winds remain high for hours. Rain falls in torrents. The storm rages so fiercely the rain slants sideways as it pours down. You moved everything of value to your upper floors before evacuating before it got worse. As you watch the newscast, you wonder what your home looks like and how you will ever clean it up. You have flood insurance, but you know the policy is not going to clean the house for you before you return.

Freeland Insurance of Oklahoma City, OK wants you to understand your flood insurance policy. You can get everything started before you return home.

Your first step is to contact the insurance company. Start your insurance claim over the phone. We can visit the property with you to survey the damage while you still remain in your hotel. In fact, you may have a policy that pays for your hotel and living expenses.

Your flood insurance will pay for the home’s contents, its structural damage or both, depending on which policy you chose. Renters typically choose the contents only option.

Insurance typically covers the cleanup work. You will need a professional team to conduct this cleanup. They will bring high-speed fans into the home to dry it. They will also treat all surfaces and the HVAC for mold and mildew damage.

These cleaners will also examine the wallboard to determine the level of damage to it. You may need to have the wallboard removed and replaced. While the wall remains open, the cleaning crew will examine the 2” by 4’ framing to ensure it has not sustained water damage and that it does not have mold or mildew damage. If it does, they will also sanitize and clean it for mold and mildew.

These cleaning processes can take place while you stay in a hotel. You will return to a pristine, restored home that protects your health. Contact Freeland Insurance of Oklahoma City, OK for help getting the flood insurance coverage you need or to learn how to make the best use of your existing policy.

Does my health insurance cover me in a foreign country?

Who doesn’t love to travel? Planning a vacation that takes you outside of the United States is a dream come true. With packing and booking, there are lots of things to think about. One thing that may have caused you some concern is whether or not your health insurance will cover you when you travel outside the country. It is a legitimate concern especially if you have any health issues and even if you are young and healthy, accidents do happen and it is important for your peace of mind to know whether you can count on your health insurance to cover you. At Freeland Insurance in Oklahoma City, OK we are here to answer your health insurance questions. 

The simple answer to this question is probably not. If you are on Medicare the answer is definitely not. In the case where your health insurance might include some coverage, you would need to pay for whatever services that you receive upfront and then submit the bill to the insurance carrier when you return. Think about what this could mean. You might have to place thousands of dollars on a credit card. Cases have been recorded where travelers were not allowed to leave the country they were visiting until the medical bills have been paid. A pretty scary thought. 

If you are going to travel outside of the United States even if it is to Mexico, Canada or Bermuda, it is important that you make sure that in the event that you get hurt or sick that you have medical coverage. Travel health insurance policies are available and are relatively inexpensive. Considering all the headaches they can save you from if you do get sick when you are in a foreign country, they are worth every penny. 

At Freeland Insurance in Oklahoma City, OK  we can tell you what coverage you have on your health insurance and make suggestions for what coverage you need. Give us a call or stop by, we will be happy to help make sure you are protected. 

3 Facts You Should Know About Financial Services Insurance

Business owners take on a lot of risks no matter what industry they happen to be in. From business to civil laws, they need to keep a lot of balls in the air at all times. Financial services insurance may be able to keep your resources safe from the threat of legal action. If you live in Oklahoma City, OK, keep the following facts in mind from Freeland Insurance about this special form of protection. 

1. It’s Perfect for Businesses Under Scrutiny 

Some companies are simply more at risk than others. They may be under a microscope by the public, government, or other private interests. Financial services insurance is an extra step you can take to safeguard yourself against the many accusations that may come your way. 

2. It Can Be Customized Just for You 

Like many other types of policies, you can talk to an insurance professional about what you’re looking for out of the terms of your agreement. If you’re more likely to be sued throughout the year, you may need a more comprehensive policy. If you’re relatively confident that your organization won’t receive a lot of attention, then you can opt for a bare-bones policy. 

3. Your Insurance Company Matters 

The very nature of lawsuits and insurance claims is such that it is largely undefined. Because every situation is different, you need someone you can turn to when things get messy. Businesses in Oklahoma City, OK can’t thrive if they don’t have all the answers in front of them. 

If you’re looking for a partner that can help you find the right financial services insurance policy, call Freeland Insurance today. We have an expert staff that can explain all the options, so you know just what you’re getting into. 

How Umbrella Insurance Can Protect Your Investments

Life is unpredictable. No matter how well you plan, life can throw things at us which will set everything off track. You plan for your retirement. You have been careful to save responsibly and invest wisely. One unfortunate tragedy, however, can change all of that. If you are held liable in a serious accident, you might find your hard work and investments at total risk. If you want to protect your investments, our representatives at Freeland Insurance, serving Oklahoma City, OK, can help you understand more about umbrella insurance and how it can protect you. 

What is Umbrella Insurance?

Umbrella insurance is a type of insurance policy that can cover a number of different types of liability. You have auto insurance and homeowner’s insurance, but what if there is an event that exceeds the coverage limits on any one of these policies? What if you are sued? If you are not covered with an umbrella policy, then you personally will be held personally liable. This can mean financial devastation for most people. 

Who Benefits From Umbrella Insurance?

Anyone can benefit from an umbrella policy, but this type of insurance is most beneficial to individuals who have substantial investments and assets. Individuals with substantial investments must be conscientious about protecting themselves. Another factor to keep in mind is how much risk you are personally at for certain types of lawsuits. 

If you spend much time on the road, then you are more at risk for auto accidents. If your home is used as part of a business or there are many people often in your home you are more at risk for injuries on your property. Business owners are also at special risks having customers and employees coming and going. 

If you would like to learn more about umbrella insurance, please call our friendly staff at Freeland Insurance, serving Oklahoma City, OK today. 

Why do I need to have flood insurance?

The biggest asset that most people in the Oklahoma City, OK area will ever own is their home. While there are plenty of advantages that come with owning a property in this market, it is also something that comes with plenty of insurance obligations. While most property owners know that they need a home insurance policy, there are situations when an additional flood insurance policy will be necessary. 

Located in a Flood Zone

The first situation in which you will need to have flood insurance is if you are located in a flood zone. FEMA maintains the national flood zone map that determines whether your home is located in an area that is at a higher risk of suffering from flood damage. If you have a mortgage that is backed by the FHA and is in a flood zone, you will undoubtedly be required to carry this insurance at all times.

Flood Risk Not Covered by Base Policy

Even if you are not required by your mortgage lender to have flood insurance, having coverage for this is still a good idea. If you are located near a river or other body of water that has a risk of flooding, coverage for this may not be included in your home insurance policy. In these situations, getting flood insurance for peace of mind is a good idea. 

If you believe that you need flood insurance for your Oklahoma City, OK area home, you should contact the team at Freeland Insurance as soon as you can. The requirements and benefits of flood insurance are complicated and Freeland Insurance will make sure that you understand everything involved with your flood insurance policy. This will ensure that you are able to get into a policy that ensures you are in compliance with all rules and regulations. 

Questions to ask when choosing health insurance

When it comes to choosing health insurance it can be daunting. So many things to consider. You need to understand what all the terms mean and what they will mean to the choices that you make. Residents of the Oklahoma City, OK area can turn to  Freeland Insurance to help them to make an educated decision.

Some of the questions you need to consider are:

  • Can I keep my doctors?
  • How much will my insurance premiums be?
  • What is my deductible?
  • What is the yearly out of pocket maximum on the policy?

Most people develop a personal relationship with their physician. Knowing that you will be able to continue to see them if you join a particular insurance plan is important. Most insurance plans can provide you with a list of providers who accept their plan. It is up to you to check and make sure that your doctor is on the plan. If in doubt, call the doctor’s office and ask them.

Premiums vary greatly from one plan and policy to another. Be sure that you are comparing all the advantages of each plan, while premiums are important, so is the amount of coverage and the deductibles and copays.

Most plans include deductibles and also copays. You want to be sure that you will not be paying for a policy that never pays for anything because you have not met your deductible.

A long term hospitalization can destroy your finances. That is where the maximum amount that you need to pay out of pocket for covered procedures in a year can really be important.

Health insurance is complicated. Choosing the correct plan for you can be very stressful. If you live in the Oklahoma City, OK area, the knowledgeable agents at Freeland Insurance will be happy to help you to understand your options. Give us a call or stop by our office and let us give you a no-obligation quote.